“So How Long Have You Been Selling Whole Life Insurance?”

“So How Long Have You Been Selling Whole Life Insurance?”

Next Steps:

Explore More Shows from Ramsey Network:

Ramsey Solutions Privacy Policy

Products:

[garystarkey]

I'm a simple man. I see title with Dave Ramsey and whole life insurance I click.

[joe-hpnk]

My great grandfather put his money in the mattress. But he smoked in bed and the house caught fire.

[mikehallrealestate]

I warned a family member about whole life. They ignored me and then after 5 years, they ran the numbers and realized the couple hundred thousand had been losing money... even though they were sold a 4% "guaranteed" return. Fees overcame the return. It's all a major scam. If you need life insurance, get term. It's cheap.

[Thewealthwarehousepodcast]

The cash value is just the equity you have in the policy. It gets paid out as the death benefit. Unless you took out a loan, it would be the death benefit minus the loan amount.

[felipeoliveira]

NO matter what you tell these agents how bad this product is, they will always try to defend it

I love hearing Dave talk about whole life insurance!

I went to a seminar offering a free dinner- That was a red flag 1.
Then the salesman tried to give exaggerated scare tactics about the risks of the stock market- red flag 2
Then the salesman touted whole life and annuities-red flag 3
The salesman claimed to be an "expert" financial adviser"-red flag 4

They had a question and answer session after the presentation. The salesman was asked about his qualifications. He lacked much formal education beyond high school. He was asked what licensing he had. He responded that he had a license to sell life insurance. The crowd let out an audible groan, then they began to laugh!
Needles to say he didn't sell anything that night. At least we got a free dinner.
Beware insurance salesmen claiming to be "financial advisers".
Some of Dave Ramsey's best rants are about how bad whole life insurance is . Or any cash value life insurance for that matter. See Dave's other videos on life insurance.

[astroman]

1. Pay off your debt
2. Invest in your matching 401k
3. Invest in a ROTH IRA
4. Only buy term insurance
5. Don't listen to insurance salesmen trying to sell you trash value insurance

[ryanklosterman]

You can always take a personal line of credit on a non retirement brokerage account, it's essentially the same thing but it actually grows at a reasonable rate.

[BrianW]

Haha, so funny that Dave knew instantly that he was an insurance salesman that sells whole life insurance.

[stitchbystitch]

That is so true, just buy Term Life Insuranse 5% of the price and keep buying Mutual Fund to your Roth IRA with the other 95% let it compound tax free (That’s a FREE Lottery ticket majority of the people don’t see)

[josephcler]

If you max. out your Roth, and 401k you still can put money into a brokerage account. Term life insurance is the only insurance you should get.

[williamlackey]

My wife and I each have term policies. They tried hard af to sell us whole life but we stuck to our guns

[krobdawg]

Dave vs Whole Life. Should be a good one

[tate]

Whole life only "grows tax free" because technically you spend more on it than you get, and you don't pay taxes on a loss.

[brendandevinemeyer]

My question is what if a person has a whole life policy that they have had for 20, 40, 60 years or more is it still worth it to keep it since one has been paying into it for said number of years or it is better to cancel it cash it out take the money and invest it?
That is where I am at right now, asking myself that question.

[TheSarah]

I used to sell life insurance (for about 6 months before I left because I HATED IT. I didn’t qualify for term life, so I got whole life. It was a 45k policy. It cost 50 dollars a month. I kept it until this year and then I cashed it out. I bought it 12 years ago and when I cashed it out, the cash value was 2600. Painful.

[olivermiller]

Whole life is not an investment. It is an insurance

[mikepaulus]

If you're mega rich like the Rockefeller family then whole life has a use case. It's hard to have an industry built around a few rich people. So they find ways to sell the product to people who shouldn't have it.

[biggace]

This, credit cards, and 15-year mortgages are like the only things I can't get on board with that Dave stands on...otherwise, I LOVE Papa Dave